Market Dynamics and Financial Trajectory for SPRIX (Ketorolac Tromethamine) Nasal Spray
Introduction
SPRIX (ketorolac tromethamine) Nasal Spray is a prescription non-steroidal anti-inflammatory drug (NSAID) designed for the short-term management of moderate to moderately severe pain, offering analgesia at the opioid level without the use of opioids. Here, we delve into the market dynamics and financial trajectory of SPRIX since its introduction.
Approval and Initial Launch
SPRIX was approved by the U.S. Food and Drug Administration (FDA) in May 2010 for the short-term management of moderate to moderately severe pain. It was launched by Regency Therapeutics, a division of Luitpold Pharmaceuticals, Inc., in collaboration with Daiichi Sankyo, Inc.[1].
Market Positioning
SPRIX entered the market as a unique offering, providing opioid-level pain relief without the risks associated with opioid use. This positioning was crucial given the growing concern over opioid abuse and the need for non-narcotic pain management options. The drug is particularly useful in settings where rapid pain relief is necessary, such as in hospitals, emergency medicine treatment centers, and surgical facilities[1].
Marketing and Distribution
Initially, Regency Therapeutics' specialty sales force marketed SPRIX to hospitals, emergency medicine treatment centers, surgeons, and other specialists. Additionally, Luitpold’s Osteohealth division targeted dentists, oral surgeons, and periodontists. Daiichi Sankyo, Inc. promoted SPRIX to primary care physicians through a co-promotion agreement[1].
Acquisition by Egalet
In January 2015, Egalet Corporation acquired SPRIX from Luitpold Pharmaceuticals for $7 million. This acquisition was part of Egalet's strategy to transform into a fully integrated specialty pharmaceutical company focused on pain management. Egalet also licensed OXAYDO, an immediate-release oxycodone product designed to deter abuse, further expanding its pain treatment portfolio[2].
Commercial Expansion
Under Egalet, SPRIX saw significant commercial expansion. Egalet built a dedicated sales force targeting pain medicine physicians, primary care physicians, nurse practitioners, orthopedic surgeons, and neurologists. By the end of the first quarter of 2017, Egalet's sales force was promoting SPRIX to approximately 4,500 healthcare providers. Additional partnerships with Ascend Therapeutics and OraPharma further broadened the reach to include women’s healthcare providers and dental specialists[3].
Financial Impact
The acquisition and commercialization of SPRIX contributed to Egalet's revenue growth. The transactions, including the acquisition of SPRIX and the licensing of OXAYDO, were funded through a $15 million debt financing with Hercules Technology Growth Capital. These moves helped Egalet achieve commercial-stage status two years ahead of plan and established a commercial presence to support the launch of other pipeline products[2].
Sales Performance
Egalet's efforts to promote SPRIX led to increased adoption among healthcare providers. By targeting a wide range of practitioners, Egalet was able to drive revenue growth for SPRIX. The company reported that SPRIX, along with other products like OXAYDO and ARYMO ER, contributed to its overall revenue growth and helped in building a robust commercial infrastructure[3].
Reformulation and Patent Life
Egalet has been working on reformulating SPRIX to improve its performance and extend its patent life. This initiative aims to add new intellectual property and potentially enhance the product's market position. The reformulation plans were set to be detailed in mid-2018, indicating ongoing efforts to maintain and grow SPRIX's market presence[3].
Competitive Landscape
SPRIX competes in the short-term analgesic market, which is highly competitive. However, its unique positioning as a non-opioid, opioid-level pain reliever sets it apart. Studies have shown that SPRIX can reduce morphine use by patients in post-operative settings, making it a valuable option in the fight against opioid abuse[3].
Regulatory and Safety Considerations
Like other NSAIDs, SPRIX comes with important safety information, including warnings about gastrointestinal, bleeding, cardiovascular, and renal risks. These considerations are crucial for healthcare providers when prescribing SPRIX, and Egalet has emphasized the importance of educating providers about these risks as part of its marketing efforts[1].
Key Takeaways
- Unique Market Position: SPRIX offers opioid-level pain relief without the use of opioids, addressing a critical need in pain management.
- Commercial Expansion: Egalet's acquisition and marketing efforts significantly expanded SPRIX's reach to various healthcare providers.
- Financial Contribution: SPRIX has been a key contributor to Egalet's revenue growth and commercial success.
- Ongoing Development: Efforts to reformulate SPRIX aim to improve its performance and extend its patent life.
- Competitive Advantage: SPRIX's ability to reduce morphine use in post-operative settings makes it a valuable option in the short-term analgesic market.
FAQs
Q: What is SPRIX used for?
A: SPRIX (ketorolac tromethamine) Nasal Spray is used for the short-term management of moderate to moderately severe pain that requires analgesia at the opioid level.
Q: Who initially launched SPRIX?
A: SPRIX was initially launched by Regency Therapeutics, a division of Luitpold Pharmaceuticals, Inc., in collaboration with Daiichi Sankyo, Inc.
Q: How does SPRIX differ from other pain relief medications?
A: SPRIX is a non-opioid NSAID that provides opioid-level pain relief, making it a unique option in the market.
Q: Who acquired SPRIX in 2015?
A: Egalet Corporation acquired SPRIX from Luitpold Pharmaceuticals in January 2015.
Q: What are the safety considerations for SPRIX?
A: SPRIX comes with warnings about gastrointestinal, bleeding, cardiovascular, and renal risks, similar to other NSAIDs.
Sources
- Daiichisankyo.com: Regency Therapeutics and Daiichi Sankyo Announce Launch and Commercial Availability of SPRIX® (ketorolac tromethamine) Nasal Spray.
- Globenewswire.com: Egalet Acquires/Licenses Two Innovative Approved Pain Products.
- Edgar-online.com: Egalet Corp (Form: 10-K, Received: 03/16/2018 08:19:57).